HUD ISSUES ANNUAL REPORT FOR REGION III

PHILADELPHIA - Housing and Urban Development Regional Director Guy L. Ciarrocchi today released the Fiscal year 2005 (October 2004 - September 2005) Annual Funding Report encompassing Pennsylvania, Delaware, Maryland, Virginia, West Virginia and the District of Columbia.

"The report offers a quantitative and qualitative accounting of HUD's $10.4 billion investment in communities across the region," said Ciarrocchi. "The report provides accomplishments under HUD's strategic goals and a financial statement of the dollars and cents that strengthen communities and make real the dream of homeownership for thousands of families."

HUD's $10.4 billion investment is a combination of $3.7 billion of direct funding to local governments, non-profit organizations and private sector partners. Loan guarantees of $6.7 billion were awarded to banks and mortgage lending companies so that they may lend money to would-be homeowners and developers of affordable rental
housing.

HUD funding revitalizes and stabilizes neighborhoods and communities and also supports the development and maintenance of decent, safe, affordable rental housing. Direct HUD funding continues to be a vital resource for
senior citizens, persons with disabilities and the homeless.

FHA loans offer opportunities for homeownership for first-time homebuyers, minority families and many lower income families. In addition, HUD spent nearly $5 million in the last fiscal year supporting agencies that provide education on and enforcement of, the nation's Fair Housing laws.

"It has been my pleasure to serve our customers and work with our partners across the region," said Ciarrocchi. "I'm especially grateful for the opportunities to partner with faith-based groups to make a difference in our communities."

You can download the .8mb report in .pdf form. Financial statements for the region and individual statements for
each field office can be found on pages 14 - 31. Examples of regional and field office successes compose the
balance of the report.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet
and espanol.hud.gov.

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